BimaKavach raises $2 Mn in seed funding led by WaterBridge Ventures, others

• ByStartupStory     |    October 7, 2022

BimaKavach, a business insurtech startup, has raised $2 million in seed funding round led by WaterBridge Ventures along with Blume Ventures, Arali Ventures and Eximius Ventures.

The startup will use the funds to develop risk covers of new-age businesses and invest in risk management technology. The startup will also deploy funds to scale its business and teams. 

In the financial year 2021-22, insurance penetration in the country plunged to 4.2 % from 3.76% in the corresponding  year (FY 2020-21). Between 2014 and the first three months of 2022, insurtech startups bagged $1.8 Bn, which is more than 8% of $22 Bn that fintech startups secured cumulatively during the said period.The insurtech startup’s clientele includes CleverTap, CoinDCX, FinBox, Rama  Phosphates, Flexituff Ventures, and Commercial Syn Bags. 

Founded by Tejas Jain in 2021, BimaKavach offers bespoke insurance solutions to business organisations. Its offerings include fidelity, cyber risk, directors and officers, errors and omissions, general liability, and product liability insurance, among others. It is looking to launch commercial insurance products in association with leading insurance companies of India. It will be offering these solutions to small and medium-sized businesses and startups, it also claims to offer insurance quotes to its customers in five minutes. 

Tejas jain said-“In India, nearly 95 % of businesses are uninsured. Most of these businesses don’t realize that having the right insurance coverage is key to their financial health. Insurance is still treated as a sunk cost or an obstacle rather than a tool for sustained growth. We want to fix commercial insurance from scratch by building a suitable startup and SME-focused insurance product.”

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